Exhibit
10.5


 


 


CONSULTING
SERVICES


OVERVIEW


 

















 


June 14, 2004


 


Mr. Art Seaver, President


Greenville First Bank


112 Haywood Road


Greenville, SC  29607


 


Re:                             Consulting
Services, Augusta & Cureton Streets


 


Dear Art:


 


I am pleased to offer the
following consulting services for Greenville First’s new Bank facility
(Project).  Cothran Properties, LLC will
oversee, monitor or perform the following services and keep Greenville First
Bank N.A.(GFB) advised regarding such services:


 


1.                                       Assist
in the development and administration of the Project budget based upon owner
input and requirements.


 


2.                                       Assist
and advise GFB with the design build process. Help to define the scope and cost
of the Project.  Assist and advise GFB
in meeting the Project’s objectives in the most cost effective manner.


 


3.                                       Serve
as liaison and advisor between Contractor, Architect and GFB and any
governmental or regulatory bodies having jurisdiction over the Project.


 


4.                                       Oversee
the obtaining of required licenses, permits and other approvals for construction
of the Project.


 


5.                                       Assist
GFB in selecting a general contractor, architect, civil engineers and other
construction related firms involved in the construction of the site and
building.


 


6.                                       Assist
and advise GFB and serve as a liaison between the architect, contractors and
vendors in compiling a scope of work, preliminary drawings, create bid packages
and review the same for value engineering solutions.


 


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7.                                       Serve
as GFB’s primary point of contact in dealing with the Project team, i.e.
architect, contractor, testing agents and engineers and monitor,
schedule and oversee their activities. 
Keep GFB informed of activities of the Project team.


 


8.                                       Process
all draw requests from the general contractor after same is reviewed and
approved by architect.


 


9.                                       Coordinate
landscape and irrigation plan with landscape architect and GFB.


 


10.                                 Monitor
the retainage as specified in the contract documents until completion of the
Project.


 


11.                                 Monitor
the general contractor’s coordination of major subcontractors such as the
plumbing, electrical, and mechanical subcontractors plus monitor the general
contractor’s ordering and schedule of delivery of items having a long lead
time.


 


12.                                 Provide
monthly review of all draw requests and compare completion percentages with
actual work completed.


 


13.                                 Attend
and participate in progress meetings and site inspections with the contractors
and architect.


 


14.                                 Review
all requested change orders and advise GFB regarding the same.


 


15.                                 Monitor
the status of design preparation, design reviews, and/or revisions by the
architect to assure compliance with the Project schedule.


 


16.                                 Monitor
the progress of the work by the general contractor to assure work is proceeding
pursuant to the Project schedule.


 


17.                                 Monitor
and review the Project billings and estimated completion costs to assure the
Project is proceeding within GFB’s Project budget.


 


The scope of services
outlined above contemplates bringing the Project to a finished shell, mechanical
systems roughed in, and the exterior complete and landscaped. Areas
specifically excluded in the above scope of work would be, exterior colors and
finishes, interior design, interior finishes, furnishings, equipment, and
interior lighting.  The parties agree
that Cothran Properties, LLC is not providing any warranty as to the work done
by the general contractor, subcontractors or the architect. Furthermore,
Cothran Properties, LLC shall not be held responsible for any cost overruns or
other expenses which exceed the budget (whether resulting from delays in
construction or otherwise).


 


With the services
rendered above, it is understood that Cothran Properties, LLC will receive a
consulting fee of Seventeen Thousand Five Hundred Dollars ($17,500.00).


 


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Greenville First Bank
N.A. will be responsible for all costs of the Project including all costs
associated with the acquisition of the land, architectural fees, all
construction costs, all license fees, related permit costs, and any and all
other costs associated with the construction project.  The development fee will be paid as follows:


 


$7,000
due and payable upon substantial completion of the site and building plans.


 


$7,000
due and payable upon completion of the framing.


 


$3,500
due and payable upon substantial completion of the Building shell, paving and
landscaping.


 


It is understood that the
primary responsibility of Cothran Properties, LLC is to oversee the
development/construction and to provide timely and accurate reporting to
GFB.  The actual construction itself and
the costs with respect thereto, are the responsibility of GFB, the general
contractor, all subcontractors and the architects.  All decisions regarding change orders and related matters within
the scope of this agreement which can affect the cost of the Project will be
made by GFB and implemented through Cothran Properties, LLC unless otherwise
instructed.  By countersigning this
letter, GFB agrees to the limitation of responsibility and liability of Cothran
Properties, LLC.


 


Cothran Properties, LLC,
its officers, directors, employees and independent contractors shall not be
liable for good faith errors in judgment nor for any causes of action, claims,
demands, debts, injuries or deaths suffered by an employee or any other person
connected with the development, construction, and improvement of the real
property in that our relationship is that of agent to owner in principal only.


 


It is intended that this
letter will constitute the agreement between Greenville First Bank N.A. and
Cothran Properties, LLC for this Project.


 


Cothran Properties, LLC
greatly appreciates the opportunity to be of service to Greenville First Bank
N.A. on this Project.


 


Sincerely,


 


	
  COTHRAN
  PROPERTIES, LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Mark A. Cothran

  	
   

  
	
  Member

  	
   

  
	
   

  	
   

  
	
  :sm

  	
   

  



 


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  Accepted by:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
							



 


This contract shall only
be payable if Greenville First Bank N.A. elects to go forward with the Project.


 


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